Flight decision tree. Construct a decision tree for the payoff table in Exercise 11.

Exercise 11

Flight decision. You are planning a trip home at the end of the semester and need to make plane reservations soon. However, you’ve just had a preliminary interview with a consulting firm that seemed to go very well. There’s a chance that they will want you to stay for a few days at the end of the semester for a round of interviews at their offices, which will mean you’ll have to change the date of the flight if you make the reservation now. Suppose that you can purchase a changeable fare for $750 or a non-refundable fare for $650 for which a change costs $150. Construct a payoff table for this set of actions using total cost as the “payoff.”